Marketing mix strategy for Knuverse voice technology company

Knuedge / Knu Verse Marketing Plan

Marketing Mix

Product

Product strategies play a significant role as product offering gives a fundamental reason as to why the consumers ought to select the company compared to rival companies. These encompass the consumer preferences from the product offering and the needs it satisfies (Ferrell and Hartline, 2014). The product offerings from Knuverse are easy yet powerful, secure yet integratable as well as accurate yet flexible. In particular, the products offered by the company are built on voice technologies that are relied upon by the most demanding military consumers (Knuverse Website, 2016).

Pricing

Pricing strategies play a pivotal role in the marketing mix taking into account that, ultimately, this accounts for the revenue generated by the firm. Therefore, in the end, pricing can influence a business' success or sinking. More so, pricing is not a sole idea but rather a manifold one with various implications for the manufacturer, the intermediate, and the end-user consumer (Kotler et al., 2009). A key strategy used by Knuverse is competition pricing. In the contemporary, companies in the technological realm are facing a great deal of competition, particularly with the advancement of technology. Fundamentally, Knuverse has to ensure that the pricing of its products is competitive with respect to rival firms in the marketplace. Bearing in mind that the product offering has distinctive features, this will make the company become largely competitive. What is more, this will serve as an entreaty to entice more consumers. Nevertheless, the company will be ardent on making certain that its product is not priced extremely low. This is because consumers tend to relate such prices to products of low quality (Boone and Kurtz, 2015). Another significant pricing strategy that will be employed by Knuverse will be product line pricing strategy. The company plans on entering other fields and areas such as banking and manufacturing aside from the military field. Therefore, the consumers that purchase all products for its system, such as Audio PIN, Active, DNA and Background will be granted cheaper prices compared to those procuring simply one product (Ferrell and Hartline, 2014; Knuverse Website, 2016).

Promotion

Promotional strategies take into account making certain that consumers everywhere recognize the brand of a company. This approach also serves as a way of attracting new consumers. The following are some of the strategies for promotion that will be utilized by Knuverse.

Advertising

These strategies will be long-term and purposed to not only increase sales, but also build the company's brand name. Knuverse will make use of magazine advertisements, announcements on the radio and television as well as scripted commercials (Hose, 2016).

Promotion

These strategies are temporary and immediate. Some of the promotion strategies that will be used by Knuverse include printed information and giving consumers a trial period to ascertain the distinguishing features of the products and their effectiveness (Hose, 2016).

Direct Marketing

These strategies will enable Knuverse to have direct communication to consumers. These will include emails, promotional letters, fliers and database marketing.

Public Relations

This enables communication management between Knuverse and the general public. Some of the strategies that the company will utilize not only in the contemporary, but also in the forthcoming periods include collaboration with influencers, creation of content and not just advertisements, and giving customary press exclusivity

Social Media

Owing to the advancement in technology, the company can employ social media to promote its products. The company can make use of social media platforms such as Facebook, Twitter, Instagram, and Google + in addition to its website to promote its products that it plans on rendering for the target market population. These strategies will enable Knuverse to be able to reach a wide consumer base. At the same time, these strategies will facilitate obtaining real-time and easy feedback from the consumers to make its products all the more effective.

Service

With respect to service, Knuverse will provide consumers in the various fields through repair, suggestions, recommendations, updates of software and any necessary improvements in voice technology and security.

International Markets

Globalization has enabled companies to reach a wider and vast consumer base. Knuverse will be able to retail its product offerings to global markets such as in Europe and even South America. Taking into account that the features of the products are integratable, the company will be able to reach vast consumers in international markets.

Implementation Schedule

The section outlines the implementation schedule that will be utilized by Knuverse.

ID

Activity or Action to be implemented

Start

Finish

1

Product offering expansion

1/10/2016

20/10/2016

2

Assessment of markets

21/10/2016

03/01/2016

3

Marketing and Promotion

10/01/2016

31/03/2016

4

Implementation

6/04/2016

5

Assessment

6/04/2017